Will Application

Will Application

Will Application

TESTATOR & TESTATRIX

* Testator (Male) and Testatrix (Female) is the person(s) setting up the will.

TESTATOR

                                                                                                                                                                           

TESTATRIX

                                                                                                                                                                           

EXECUTORS, CHILDREN & GUARDIANS

                                                                                                                                                                           

EXECUTOR

* An executor (or executrix) of an estate is an individual appointed to administer the estate of a deceased person. The executor's main duty is to carry out the instructions to manage the affairs and wishes of the deceased person's estate

* When people select a joint will, spouses usually nominate each other as executor and in the case of simultaneous death, an alternative person.

ALTERNATIVE EXECUTOR

                                                                                                                                                                           

* Select an alternative executor should your first choice of executor predeceases you, declines, or becomes unwilling or unable to act.

GUARDIANS

                                                                                                                                                                           

* Provide the full details of the person(s) you appoint as guardians of your minor children when you pass away.

DISCRETIONARY TRUSTS & TESTAMENTARY TRUSTS

                                                                                                                                                                          

EXISTING TRUST

* If you have an existing family trust which will be utilized, please provide the name and registration number of the trust.

TESTAMENTARY TRUST

* If you do not have an existing trust, select the option Testamentary Trust and the age funds should be kept in trust for the beneficiaries. A Testamentary Trust is set up at death and is done free of charge.

BENEFICIARIES

                                                                                                                                                                           

* Beneficiaries are the people who inherit from your estate.

DESIGNATION

                                                                                                                                                                           

Per stirpes indicates that if any of your beneficiaries aren't living at the time of your death, their share of the estate will pass to their descendants. Per capita distributions can only go to the named beneficiaries and in equal shares.

TRUSTEES

                                                                                                                                                                           

Trustees are the people who manages the trust and the assets kept in the trust on behalf of your beneficiaries. (When selecting a Trustee, the most important qualities are honesty, stability, dependability, organization, financial experience, and ability to devote time and energy on an impartial basis for the benefit of all Beneficiaries. The Trustee is the most pivotal and critical part of any Trust Agreement.) If a insolvent is not rehabilitated they may not be nominated as a Trustee. We usually recommend three trustees. This means a majority vote can be reached if necessary. It is advisable to select the third trustee as an independent professional like an accountant or other person qualified to act as a professional trust administrator.

BEQUESTS

                                                                                                                                                                          

*Bequest is a gift of Personal Property, such as money, stock, bonds, or jewelry.

MISCELLANEOUS

                                                                                                                                                                          

*Collation is a unique principle in South African common law in that it requires that your children should inherit equally when you die. This includes taking into account valuable benefits you may have given to some of your children while you were alive. Unless you specifically exclude collation, perceived unfair assistance can lead one sibling to instruct the executor to implement collation whereby the inheritance is divided equally.

COMPLETE OBLITERATION

                                                                                                                                                                          

*Only applicable when there are no children or minor children in the family. Select beneficiaries who will inherit from your estate should your whole family perish due to an un unforeseen event

UNREHABILITATED INSOLVENT

                                                                                                                                                                          

When a benificiary is an unrehabilitated insolvent when they become entitled to claim their inheritance, the assets are bequeathed to a trust until they are rehabilitated. Through this, you safeguard the inheritance and the inheritance can then not be attached by their creditors.